The company is struggling to innovate faster than its competitors. Facebook has been copying features of Snap's core app in the Facebook and Instagram apps. Snap released its Spectacles camera, and recently expanded distribution of the product, but has not seen a significant bump to its bottom line.

Snap executives and company insiders won’t be able to sell their shares until their 150-day lockup period expires on July 30. However, since that's a Sunday, they won't be able to sell shares until Monday, July 31.